Global Automotive Steering Systems Market worth US$ 51,270 Mn by 2027

Global automotive steering system market is estimated to be valued at US$ 33,700 Mn in the year 2017 and is poised to reach a value of US$ 51,270 Mn by the end of the year 2027

[ClickPress, Fri Jan 11 2019] As per the current market trends and the promising nature of the Automotive Steering Systems Market, it can be estimated that the future holds positive outcomes. In order to provide a deep insight about the concerned market, Market Research Reports Search Engine would be publishing a resourceful analysis that will enclose knowledge about the regional market size, revenue and opportunity status. Readers will be offered the privilege to decode various facets of the market during the period, together with the active access to secondary and primary research methodology. Furthermore, various segments of the market associated to product, application, end-user etc., would also be present in this intelligent research report.

This research study analyzes the Automotive Steering Systems Market on a global level and provides estimates in terms of revenue (USD) from 2015 to 2021. It gives a comprehensive overview of the automotive Steering Systems industry from all the important aspects of the market. It recognizes the drivers and restraints affecting the industry and analyzes their impact over the forecast period. Moreover, it identifies the significant opportunities for market growth in the coming years.

Steering systems in automobile is the direct contact of the driver with its vehicle. The function of steering systems is to maneuver the vehicle to avoid obstacles or take a turn. Steering Systems are of basically three types such as Hydraulic Power Steering (HPS), Electronic Power Steering (EPS) and Electro-Hydraulic Power Steering (EHPS). Electronic Power Steering offers better mileage and is much easier to operate than hydraulic power steering. An Electro-Hydraulic Power Steering system combines the advantages of both EPS and HPS and offers the best maneuverability and fuel efficiency.

Rising fuel prices has led the consumers to go for more fuel efficient vehicles, which in turn is fueling the demand for hydraulic power steering and electro-hydraulic power steering system over hydraulic power steering system. Safety features such as Electronic Stability Control (ESC), Anti-Lock Braking System (ABS) integrated with electronic steering systems is also fueling the demand for Electronic Power Steering and Electro-Hydraulic Power Steering system over Hydraulic Power Steering system.

The increase in the demand for passenger vehicles in the developing nations such as India, China and Japan among others has fuelled the growth of passenger vehicle segment in the world. With the rise of passenger vehicles, the demand for steering systems manufacturers is also set to increase globally. Erratic fuel prices have led to shift in automobile OEM’s preference from Hydraulic Power Steering fitted vehicles to Electronic Power Steering and Electro-Hydraulic Power Steering fitted vehicles which manages better fuel efficiency.

Europe holds the largest market share in the automotive steering systems market followed by North America, Asia Pacific and Rest of the World (RoW). Due to the saturation in the markets of North America, and Europe, the automotive steering systems market is expected to witness a stable growth. In Asia Pacific the automotive steering systems market would be the maximum in the Asia Pacific region due to high sales of automobiles in the region. Moreover, increasing production of automobiles in countries such as China, Japan, South Korea and India is another factor contributing to the demand for automotive steering systems in these regions.

This report provides tactical analysis of the automotive steering systems market and the growth forecast for the period 2015 to 2021. The span of the report includes competitive analysis of various market segments based on the vehicle types, steering systems types and in detail cross sectional analysis of the automotive steering systems market across diverse geographic segments. To maintain the strategic decision making, the report also includes profiling of leading players in the industry, their market share and various strategy adopted by them. The market attractiveness analysis is also included in the report to provide imminent market dynamics and market competition.

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